The 21-year-old attacking midfielder is under contract until 2022 but that is not putting Real chiefs off.
Ronaldo - who won the inaugural award last year - helped Real Madrid to a second consecutive Champions League title earlier this year, also finishing as the tournament's top scorer with 12 goals.
Gareth Bale came closest for the hosts, but saw his brilliant flicked effort tipped on the post by Adan, before Sanabria scored the most dramatic of winners to inflict a defeat which leaves Zinedine Zidane's men seven points behind leaders…
Benzema, who has scored more than 170 goals for the Spanish champions since joining from Lyon in 2009, will sign a new contract worth a reported €7.5 million a year.
The list is dominated by Real Madrid players, who have club-high of 13 nominees, though the Premier League is well represented, with last season's PFA Player of the Year and champion N'Golo Kante included.
The 25-year-old has forced his way into Zinedine Zidane's first-team plans in recent months with a string of impressive performances.
The 29-year-old has been with the club for the past 11 seasons and remains a key part of current manager Zinedine Zidane's first-team plans.
The former Foxes star, who spearheaded their charge to the Premier League title in 2016, fired home from 30 yards (50) after Alvaro Morata (41) had given Chelsea a first-half lead
But Real Madrid pulled themselves level in the 36th minute when Lucas Vazquez tapped in from close range after Levante goalkeeper, Raul Fernandez could only parry a header from Sergio Ramos.
Lucas Vazquez cancelled out an early Ivi Lopez strike to leave the two teams on terms ahead of the second period, but Real Madrid could not find a second as they dropped home La Liga points for the second successive match
A post on the La Liga club's account at 5.30am on Saturday contained a video of Messi scoring against Los Blancos alongside the message: "Benvingut Messi! Bienvenido Messi! Welcome Messi! Bienvenue Messi! #Messi."
Ronaldo scored 12 goals and provided five assists in the Champions League last season as Real became the first club in the modern era to retain the trophy
"TAD has rejected the appeal presented by Real Madrid against the five-match ban," a TAD spokesperson confirmed to Agence France-Presse.
Betis were without the ball for much of the opening 30 minutes, but the visitors were dangerous when they had the chance to break, with Joaquin rolling back the years with some wonderful touches in the final third of the field
After a difficult opening five minutes, it was Deportivo that were looking the team more likely to make the breakthrough, with Guilherme just missing the crossbar with a strike from distance as the first period continued to gather pace
Marco Asensio and Karim Benzema netted the only goals of the night, ensuring that Madrid have kicked off their 2017-18 campaign in style by lifting both the Supercopa and UEFA Super Cup in the past week
Ronaldo did not enter the field until the 58th minute of the contest as Los Blancos head coach Zinedine Zidane continued to ease the attacker back into action after representing Portugal at the 2017 Confederations Cup earlier this summer
A thrilling second half to the El Clasico showdown in Catalonia saw Lionel Messi cancel out an earlier Gerard Pique own goal from the penalty spot, with the decision controversially given after Luis Suarez appeared to dive
For the first time in five years the El Clasico rivals face off in the curtain-raising fixture, with both aiming to claim first blood ahead of what should be another entertaining season
Real Madrid were absolutely dominant